SMM Brief on SHFE Aluminum Futures: Losses Expand as Longs Take Profits (2013-3-12)

SHANGHAI, Mar. 12 (SMM) – SHFE 1306 aluminum contract prices opened at RMB 14,920/mt on March 12. Shorts dominated the market, forcing longs to exit the market after taking profits. As such, the most active aluminum contract fell most sharply among base metals, and finally closed at an intraday low of RMB 14,815/mt, down RMB 110/mt or 0.74%. Positions increased 182 lots to 93,594 lots. SHFE aluminum for June delivery closed down for three straight days, with little upward impetus. The most-traded SHFE aluminum should struggle at RMB 14,800/mt in the short term.